Barclays to meet profit expectations
Barclays PLC said earnings will be in line with consensus, despite a £1.3 billion ($2.7 billion) write-down.
Barclays PLC expects annual earnings to match market expectations, despite a £1.3 billion ($2.7 billion) write-down related to the subprime housing crunch.
The London-based bank said that earnings were “broadly in line with the current market consensus.”
Furthermore, Barclays reported that its retail banking unit delivered “good growth,” reflecting growth in mortgages and customer deposits.
However, weakness in the U.S. dollar diluted the sterling value of strong growth income and profit at its Barclays Global Investors unit.
“The diversification of our profits in recent years, together with the investments we have made in businesses both inside and outside the [United Kingdom], is serving us well in 2007,” said Barclays chief executive John Varley.
The bank’s strong performance in the first nine months of the year reflected underlying growth in retail and commercial banking, and resilient performance in investment banking and investment management despite volatile market conditions during the second half [of the year].
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